H.I.G. Capital, LLC agreed to acquire Plumbing & Heating distribution business of Travis Perkins plc (LSE:TPK) for approximately £330 million on May 20, 2021. Under the terms of the transaction, cash consideration of £325 million is payable on a debt-free, cash-free basis and subject to customary adjustments. In the year ended 31 December 2020, Plumbing & Heating distribution business generated revenue of £1.041 billion, adjusted operating profit of £17.9 million and a loss before tax of £1.7 million. Gross assets at December 31, 2020 were £580 million. The transaction is subject to regulatory approval and is expected to be completed within the next three months. Travis Perkins intends to return the net proceeds of the disposal to shareholders following completion of the transaction through a combination of a £0.35 per share special dividend and, subject to market conditions, a share buyback programme. Richard Youle, Steven Hannah, Peter Coulton of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisors for H.I.G. Capital. Morgan Stanley acted as financial advisor and Linklaters LLP as legal advisor for Travis Perkins Plc.